3 Answers
3

You should be fine using flags. If you look at the list of currencies, the names are usually made up of a country name and currency (Singapore dollar, Russian ruble, Swiss franc).

Some places use currency that does not originate form a country. For example, most Caribbean countries use the East Caribbean dollar. The Euro is another example. Using the union flag in those cases will not offend any of the members.

I've been using xe.com (and watching it develop v. slowly) for maybe a decade or so and they use the same flag/TLA currency association except that they too use the long description (TLA + description) during the currency selection process, and flag+TLA in any tabular display, so I'd agree with this - use the longer description where space permits.
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Roger AttrillDec 13 '11 at 10:57